Is The U.S. Government Insolvent? Sorry, But Its Accountant Can’t Tell You

What do you call it when a major organization’s financial statements are so deceptive and badly kept that even its auditor refuses to render an opinion? Answer: The federal government. That’s right, the U.S. Government Accountability Office (GAO), the federal government’s accountant, refused to hand down an opinion of the federal government’s financial statements for 2016 “due to deficiencies that have plagued prior financial statements — persistent financial management problems at the Department of Defense (DOD), the government’s inability to account for and reconcile certain transactions, an ineffective process for preparing the consolidated financial statements, and significant uncertainties.”